US EditionUBS, PostFinance and Sygnum Conduct Cross-Bank Payments on Ethereum
15 Articles
15 Articles
Postfinance, UBS and Sygnum Bank have conducted a successful feasibility study with their Swiss Bank Deposit Token. But is the Internet franc coming soon enough?
UBS, PostFinance and Sygnum Conduct Cross-Bank Payments on Ethereum
Swiss banking powerhouse UBS, crypto banking specialist Sygnum and PostFinance, a subsidiary company of the state-owned Swiss Post, successfully tested payments between institutions on Ethereum, according to a press release on Tuesday.The proof of concept, run under the Swiss Bankers Association, saw UBS, PostFinance, and Sygnum Bank carry out transactions using deposit tokens — digital representations of bank deposits that can move on a public …
Three Swiss banks have just tested the sending of an interbank payment via the Ethereum blockchain. A legally binding payment, therefore having the same value as a conventional transfer. This technical prowess, coordinated by the Swiss Bankers Association, opens the way for further transformations of the payment system. Read more Swiss banks test their first large-scale payment on a blockchain has appeared first on Cryptoast.
UBS, PostFinance, and Sygnum Bank execute first legally binding interbank blockchain payment
Swiss banks UBS, PostFinance, and Sygnum Bank have completed the first legally binding interbank payment using tokenized deposits on a public blockchain. UBS, PostFinance, Sygnum Bank complete historic interbank payment using blockchain Swiss banks UBS, Sygnum Bank, and PostFinance have…
Swiss Banks Execute First Cross-Bank Payment on Public Blockchain
Three Swiss banks have successfully conducted the first binding cross-bank payment using tokenized deposits on a public blockchain, marking a significant milestone in traditional finance's adoption of decentralized technology.UBS, PostFinance, and Sygnum Bank completed the transaction as part of a Deposit Token feasibility study under the Swiss Bankers Association, according to a press release on Tuesday. The payment utilized blockchain infrastr…
Swiss banks pilot first blockchain-based interbank settlement
PostFinance, Sygnum Bank and UBS executed what they and the Swiss Bankers Association (SBA) describe as the first legally binding interbank payment using bank deposits on a public blockchain. The feasibility study, coordinated by the SBA, tested a “deposit token” — a blockchain-based representation of a payment instruction — for cross-bank payments and delivery-versus-payment–style settlement of tokenized assets. Settlement finality occurred in …
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